Crude oil prices rose slightly on Sunday after the US and Iran continued attacking each other, causing renewed disruptions to traffic through the Strait of Hormuz.
On Sunday, 28 June 2026 GMT+7, global crude oil prices edged up slightly as the conflict between the United States and Iran persisted for the fourth consecutive day, with Iran insisting on controlling the Strait of Hormuz.
Brent crude, the international benchmark, rose 0.9% to close at $72.20 per barrel, while US West Texas Intermediate (WTI) crude jumped 1.3% to close at $70.09 per barrel.
On Friday, 26 June 2026 GMT+7, global oil prices had fallen to their lowest levels since the conflict began, with Brent closing around $72 and US crude around $69 per barrel.
In the previous week, oil prices declined amid hopes that a 60-day ceasefire agreement would normalize oil shipments through the Strait of Hormuz, with tanker traffic increasing after the US and Iran signed a memorandum of understanding on 17 June, agreeing that the strait would reopen without fees.
However, tanker traffic that had surged was slowed after Iran attacked a vessel in the strait on Thursday, 25 June, prompting the United Nations (UN) to temporarily suspend evacuation plans for stranded crews and ships.
Since then, US and Iranian forces have attacked each other's military targets, forcing some ships to reroute along the coast of Oman instead of the usual Strait of Hormuz passage.
The decline in oil prices depends not only on restoring trade routes but also on repairing damaged energy infrastructure, which may take several months before tankers can fully transit the strait again.
Previously, experts warned that oil prices might not return to pre-war levels within 2026 due to the ongoing conflict's impacts.
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Source:CNN